Zimbabwe’s local currency inflation at over 85% y/y in April

(Reuters) -Zimbabwe’s annual inflation rate was at 85.7% in April in local currency terms, statistics agency data showed.

Friday’s release is the first time Zimstat has given a year-on-year local currency inflation rate since authorities launched the Zimbabwe Gold (ZiG) currency in April 2024.

The ZiG is Zimbabwe’s sixth attempt at a stable currency in less than two decades after a bout of hyperinflation under former leader Robert Mugabe.

But the ZiG is down almost 50% since its launch, according to Friday’s exchange rate on the central bank website.

(Reporting by Tannur Anders;Editing by Alexander Winning)